The Real Estate Developers Association of Nigeria (REDAN), South East zone held its 2021 edition of Akulueuno housing summit and exhibition
It called on the Nigerian government to urgently re-capitalise the Federal Mortgage Bank of Nigeria (FMBN) in enabling it improve its capacity in delivering affordable homes.
Dr. Aliyu Wamakko, the President of REDAN made this call in Enugu last week as contained in his address at the summit, held at Amadeo Event Centre. He also urged the Nigerian National Assembly to pass the Estate housing development Bill..
While he commended the Federal Government for setting -up the Federal Mortgage Bank, aimed at bridging the housing gap needs of Nigerians, Wamakko also lamented the capacity of the bank to deliver on its mandates that had been bedeviled with low capital standing.
He also gave an update on the association’s pursuit for legal backing and appealed to the National Assembly and the state Houses of Assemblies to pass the said Bill put forward by stakeholders in the industry in order to check quackery and ensure standardization of estate businesses, procedures and practices.
“The country is growing and the need for housing is expanding and the Federal Mortgage Bank needs to be re-capitalised to meet modern challenges and increase the need for housing now more than before”, he said
“This singular bill when passed, will transform the way estate businesses, procedures and practices in the industry will be carried out in the federation as well as check quackery practitioners in the country,” Wamakko added.
He explained that in line with REDAN’s mandate to develop affordable homes to Nigerians, the 6th executive of REDAN had come up with a National Housing Programme tagged: “Rural-Urban Housing Initiative (RUHI-774).
The president added that ,”the scheme is to develop at least 100 affordable housing units in each of the 774 local government councils of the federation including the FCT where viable and feasible.
“The main essence of Akulueuno in my own analysis is to bring together critical stakeholders in the housing value chain in the South-East region with the understanding that interface and collaboration will be enhanced.
“This will help to strengthen, upscale and unlock the potentials of the real estate and housing sector in the region in particular and Nigeria at large.”
In his speech at the event, the Executive Director of the Federal Mortgage Bank of Nigeria, Melville Ebo, assured REDAN of the bank’s and Federal Government’s cooperation to ensure Nigerians own decent and affordable homes.